Lancaster, CA – CorVel Corporation (NASDAQ: CRVL) recently announced the results for the quarter and fiscal year ended March 31, 2013. Revenues for the quarter ended March 31, 2013 were a record $112 million, a 7% increase over the $104 million in revenue in the quarter ended March 31, 2012. Earnings per share for the quarter ended March 31, 2013 were a record $0.70, a 59% increase over earnings per share of $0.44 for the same quarter of the prior year. The quarterly results benefited from the increase in revenues, improvement in gross profit margins, lower general and administrative costs and reduction in share count.
Revenues for the fiscal year ended March 31, 2013 were a record $429 million compared to $413 million in revenue for the prior year. Net income for the fiscal year was a record $26.7 million and earnings per share were a record $2.38. Earnings per share were $2.28 for fiscal year ended March 31, 2012.
Revenue growth for the quarter was driven by a 13% increase in the Company’s Patient Management service line and a 2% increase in its Network Solutions service line. The Patient Management service line includes traditional case management services and claims management services. Claims management continues to increase due to the Company’s growing reputation in the marketplace and expanded relationships within the broker and carrier communities.
The Company continues to invest in information technology, including the ongoing development of its claims management platform. CorVel’s biggest differentiator is the integration of all of its services, including the Company’s managed care services, in a real time environment . Many of the most costly developments in workers’ compensation claims are exacerbated by the delays in the management of the claims. Functioning in a real time environment allows the Company to improve claims intake workflows, including mobile computing, and expand analytic tools such as clinical and predictive modeling.
Source: CorVel